1. Field of the Invention
This invention relates generally to the field of applications for Internet based websites. Moreover, it pertains specifically to a system and method for wagering on an artist. In the preferred embodiment, system participants use an electronic exchange to place wagers related to the popularity profile of an artist.
2. Description of Related Art
Existing Internet based wagering systems typically provide tools to facilitate a wager made between two or more parties, while providing little or no guidance as to the wager amount or the terms of the wager, except where the odds of a wager are predetermined and otherwise easily calculated (e.g. betting games such as poker and craps). There is a lack of innovation in the related art regarding the automated determination of a wager amount or the payout of a wager for events related to artists and their created content.
Existing systems that facilitate the wagering associated with an artist or an artist's created content generally rely on predetermined heuristics and the characteristics from prior or pending wagers to determine wager payouts. As with other systems, the wager payouts associated with such wagering suffer from significant inefficiencies where the volume of wagers or the quality and variety of information about the object of the wagers are insufficient to effectively determine a wager payout amount. As such, it is an object of the present invention to provide an Internet based system and method that overcomes these deficiencies by relying in part on a popularity profile of an artist to determine in an automated manner a more optimal payout of a wager.